Australian bitcoin miner faces difficulties again in its attempt to become the world’s first listed Bitcoin mining company, as the Australian Securities and Investments Commission (ASIC) rejected the company’s application for IPO.
This time, ASIC required Bitcoin Group to tackle additional issues. In its press-release Bitcoin Group explained: “One of these matters involves a request to appoint an appropriately qualified independent expert to report on the bitcoin mining process and the bitcoin mining equation contained in the Replacement Prospects.”
As the result of this demand, Bitcoin Group has issued its Prospectus for the third time that is now available on Google.drive. According to the document, ASIC is concerned about “how the Bitcoin industry operates, the variables underpinning the Bitcoin Mining Equation and its impact on BCG, and information setting out future performance of BCG.”
The IPO has been postponed until the next year to give experts time to examine the process and report to the ASIC. Thus, the closing date of the IPO offer period has been moved to 8 January, 2016, with the ASX (Australian Securities Exchange) listing expected on 20 January, 2016.
The company assures investors it is possible to withdraw their money before 8 of January 2016, once they decide to reconsider their share-holders’ status.
Earlier this month the company had to retract some speculations concerning alleged investment in the Bitcoin Group by the Australian prime-minister. The Initial Public Offering (IPO) was planned by the company as early as in October 2014. However, the first IPO Prospectus was submitted by the Bitcoin Group to ASIC only 29 June, 2015, and the company is still not listed in ASX.